Company Will Be First to Develop a Major Project under the City’s
Innovative Midtown East Rezoning

Company Will Collaborate Closely with Other Key Government Officials,
Including New York City Council and Governor’s Office, to Quickly Move
Process Forward

February 21, 2018 07:00 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--JPMorgan Chase (NYSE:JPM) and New York City Mayor Bill de Blasio
announced today that the company intends to pursue building a new 2.5
million square foot headquarters at its 270 Park Avenue location in New
York City. The building would be the first major project under the
City’s innovative Midtown East Rezoning plan, passed in 2017, that
fosters modern office construction and improvements to the business
district’s public realm and transportation. The project will be subject
to various approvals, and the company will work closely with the New
York City Council and State officials to complete the project in a
manner that benefits all constituencies.

“At JPMorgan Chase, we believe that investing for the long-term is a
hallmark of our success,” said Jamie Dimon, Chairman and Chief Executive
Officer of the company. “With a new headquarters at 270 Park Avenue, we
are recommitting ourselves to New York City while also ensuring that we
operate in a highly efficient and world-class environment for the 21st
century. We look forward to working constructively and collaboratively
with Mayor Bill de Blasio, Governor Andrew Cuomo, Deputy Mayor Alicia
Glen, the New York City Council, and other key City and State officials
on this important project,” Dimon added.

“This is our plan for East Midtown in action. Good jobs, modern
buildings and concrete improvements that will make East Midtown stronger
for the hundreds of thousands of New Yorkers who work here. We look
forward to working with JPMorgan Chase as it doubles-down on New York as
its international home,” said Mayor Bill de Blasio.

New York State Governor Andrew Cuomo said: “New York State is the
business capital of the globe, and our investments in workforce
development and commercial enterprise have positioned us at the
forefront of innovation and growth. JPMorgan Chase’s commitment to build
their new, state-of-the-art corporate headquarters and support thousands
of jobs here in New York is proof that our economic development
strategies are successful, and I look forward to working with them to
keep New York State’s momentum moving forward.”

Under the East Midtown rezoning, JPMorgan Chase will purchase
development rights from landmarks in the surrounding district in order
to build a larger building. Any such transactions in the new East
Midtown subdistrict require the seller of the air rights to pay the City
a minimum contribution of $61.49 per square foot, providing funding for
improvements to the neighborhood’s public realm including shared
streets, pedestrian plazas and thoroughfare upgrades.

With the new, modern facility, which is expected to create over 8,000
construction-related jobs during the building period, JPMorgan Chase
would consolidate its global headquarters from a variety of locations
into a fully LEED-certified, energy-efficient office tower in Midtown
Manhattan. The headquarters project would build on the firm’s strong
legacy of investment in local communities and the City of New York, its
home since 1799.

The building’s modernized infrastructure and design, including 21st
century systems and technology, would allow for improved business
adjacencies, synergies and collaboration. Clients, shareholders and the
surrounding community would benefit from this innovative project, which
would also support the firm’s commitment to attracting and retaining
best-in-class talent. The new building would house about 15,000
employees, replacing an outdated facility designed in the late 1950s for
about 3,500 employees.

Once the project’s approvals are granted, redevelopment and construction
are expected to begin in 2019 and take approximately five years to
complete. Most employees currently located at 270 Park Avenue would be
relocated nearby during the development period.

With this headquarters commitment, JPMorgan Chase expects to remain one
of the largest private employers in New York City. The company also
employs thousands of others in additional NYC Corporate locations and in
approximately 350 bank branches. Regarding jobs related to the new
project, the company intends to work closely with its Supplier Diversity
team to encourage the participation of Minority and Women Owned Business
Enterprises (MWBEs).

The project is not expected to have a material impact on the company’s
financial results.

“It was barely six months ago that we secured the East Midtown rezoning
into law, and building owners are already responding in a major way.
This is a true win-win-win. The City of New York retains a major company
and its employment base, the surrounding community sees improvements in
its public spaces, and JPMorgan Chase will have a new headquarters that
helps the firm compete for decades to come,” said Deputy Mayor for
Housing and Economic Development Alicia Glen.

“This project would enhance JPMorgan Chase’s efficiency and
infrastructure, strengthen the newly rezoned East Midtown business
district, and will further solidify New York City’s leadership as a
global financial center,” said Manhattan Borough President Gale A.
Brewer. “I look forward to reviewing the details.”

Council Member Keith Powers, District 4, said, “The East Midtown
rezoning was the result of years of hard work by Community Boards 5 and
6, local stakeholders, and East Side public officials to promote
responsible development. Through this announcement, JPMorgan Chase is
making a significant investment in East Midtown that will have a
long-term impact on New York City. As Co-Chair of the East Midtown
Governing Group, I look forward to working alongside stakeholders to
review the project.”

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com.